Greeks have started to withdraw their Euros from Greek banks in fear of (in expectation of?) a Greek exit from the Euro and a subsequent conversion of Euros to much less valuable drachmas. I am in Europe this week and some variant of this BBC story has been on both BBC news and the (much more serious than the US version) European version of CNN every hour or so. The stories are interesting in that they are quite relevant but also themselves likely to help create an eventual bank run by affecting individual expectations and thereby encouraging individuals at the margin of withdrawing their funds to do so sooner rather than later.
Exciting but unhappy and disappointing financial and political times, especially on this side of the pond.
It's really quite easy.
1 year ago